Aviva to sell entire shareholding in Aviva Vietnam

RNS Number : 5182I

Aviva PLC

14 December 2020

 

14 December 2020

Aviva to sell entire shareholding in Aviva Vietnam

In line with the announced strategy, Aviva plc ("Aviva") has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam Life Insurance Company Limited ("Aviva Vietnam"), to Manulife Financial Asia Limited ("Manulife") for an all cash consideration. The transaction is expected to increase Aviva's IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.

As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam's existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade ("Vietinbank").

The transaction is subject to certain closing conditions, including regulatory approval, and is expected to complete in the second half of 2021.

-ends-

Enquiries :

Media:

Andrew Reid  [phone]

Sarah Swailes  [phone]

Analysts:

Diane Michelberger                                                                                          [phone]

Notes to editors :

· For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/  

· We exist to be with people when it really matters, throughout their lives - to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being 'with you today, for a better tomorrow'.

· In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.  

· Aviva is invested in our people, our customers, our communities and our planet. We were the first international insurer to go operationally carbon neutral in 2006, we have invested £6bn in low carbon infrastructure since 2015 and we are a member of the UN Net Zero Asset Owner Alliance.

· Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/social-purpose  

· We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our international businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.

· Total group assets under management at Aviva group are £522 billion (HY20) and our Solvency II capital surplus is £11.8 billion (Q320). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

· For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us  

· The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, latest B-Roll, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.

· You can follow us on:

o  Twitter: www.twitter.com/avivaplc/  

o  LinkedIn: www.linkedin.com/company/aviva-plc  

o  Instagram: www.instagram.com/avivaplc

· For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva  

· We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking. 

 

END

 

 

DISEAXALFALEFEA